TPA Group, of Atlanta, has announced the details for The Edison Suncoast, a project under construction in the Northpointe Village development, off State Road 54, in Lutz.
The development consists of two three-story office buildings totaling 155,000 square feet.
Completion of the first 77,500-square-foot building is expected in the first quarter of 2020, and the schedule for the second building will be based on demand, said Barry Oaks, senior director for Cushman & Wakefield, the exclusive leasing agent for the project.
The project is being built on a speculative basis, supported through a low-interest, partially forgivable loan from Pasco County, said Bill Cronin, president/CEO of Pasco Economic Development Council Inc.
The project is in response to an evolving market, Oaks added.
“Pasco County and surrounding areas have become more developed,” Oaks said. “We feel there’s an unmet need for office space.”
The project is situated on an 18.45-acre site at Suncoast Parkway and State Road 54, in Pasco County, about 30 miles northwest of Tampa’s urban core.
The submarket, known as the 54 Corridor, is considered the next residential growth pocket in the Tampa Bay area, according to material provided by Cushman & Wakefield.
Demographics show a 95.2 percent increase in population from 2000 to 2010, and the current population of 53,130 is projected to grow by 21 percent by 2022.
The location is central to an abundance of residential communities, high-quality retail and dining options, as well as two hotels. Its proximity to the Suncoast Parkway provides convenience to Tampa International Airport, as well as Tampa’s Westshore District and Downtown, according to Cushman & Wakefield.
The building design calls for large windows, to invite an abundance of natural light into the structure. There’s also an open design, allowing tenants a great degree of flexibility, Oaks said.
Amenities include a fitness trail, a third-floor open deck, and a permanent food truck driveway in the courtyard.
Oaks said leasing is just getting started, but noted there is considerable interest in the project and there are talks underway.
Being in the midst of substantial residential development is a plus, Oaks said, because “you’ve got rooftops — so you’ve got access to labor and you’re not having to sell a commute.”
Put another way, there’s “a healthy labor pool in your own backyard,” Oaks said.
The Pasco EDC’s Cronin said the county provided the loan because it wanted to activate the construction of speculative Class A office space.
The county has to turn down projects that are interested in coming here because it lacks sufficient Class A space, Cronin said.
“Class A, just by the nature of being Class A, is going to attract high-wage, high-impact jobs.
“Most of the office spaces we have here currently are kind of a high class B.
“Having a true Class A building is going to attract folks who have a little prestige with their name,” Cronin added, and those employers offer the kind of high-wage jobs the county wants to attract.
Published July 24, 2019